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Consumers also receive 0% on purchases for six months. This special Discover More offer is for 0% interest on balance transfers for 18 months. In other words, if the Minimum Percent Payment (3) calculation says youre obligated to pay 3.75 this month, your Amount Due will actually be this amount (5.00). Here are some of the more attractive balance transfer offers on the market:Ĭ/usc/platinum/MC/external/affiliate/Sept2011/default.htm?sc=4T3ZJ7W1&m=9CJ1MDU75ZW&B=M&app=UNSOL&langId=EN&siteId=CB&t=t&link=Consumer_576745745&screenID=3000&uc=BCP&cmp=AFA~01~100111~CARDSACQ~LowCards&BT_TX=1&ProspectID=A276A073C5DE410EA5124871F1A7C3B1">Citi Platinum Select or Citi Diamond Preferredīoth these cards come with a 0% interest rate for 21 months on both the balance transfer and new purchases. The minimum amount (maybe 5.00) the credit card issuer expects you to pay each month, regardless of what the Minimum Percent Payment calculates as. If you want to close that old account, contact the issuer directly.
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Transferring a balance does not automatically close your old account. Continue to make all required payments until you confirm that the balance transfers were made. The available credit on your new account will be reduced, as if you had made a purchase.ĩ) It takes about four weeks for the balance to be transferred. Interest charges begin at the time the check is issued to your new credit card issuer.8) The new issuer pays the amount of the balance directly to the old issuer and the amount you owe them will be reduced by the amount you transferred. Limit the number of applications because multiple credit applications are a red flag on your credit report and can lower your credit score.ħ) There is no grace period with balance transfers. Unless the introductory offer specifically includes new purchases, any purchase made with the new credit card will be at the ongoing interest rate.Ħ) If the offer you receive does not meet your needs, decline the credit card. 5) The introductory rate may only be applicable for the amount you transferred.